OK, I promise this is my last time bad-mouthing ENB... I would never do business with them in the real world, let alone own their stock... IMO, they are the worst actors in the midstream/pipeline sector, IMO, skimping on preventive maintenance and repair, and in some cases risk physical injury IMO to their people or others living in the shadows of their operations. IMO, Much of the current couple of decades resistance to pipelines in general found their seeds germinated in ENB's seeming disregard for best practices in operational matters of their pipelines.
Unfortunately for me, ENB will ultimately "touch" the hydro-carbon molecules produced from my primarily ng mineral rights when production begins.
I know I won't change anyone's mind about ENB, just as I never changed anyone's minds about BP -- they are similar in many ways: in my 35 years of working in offshore oil and gas, these two outfits far and away were the most often cited as the most poorly run outfits when it comes to public safety and preventing preventable "accidents" by (IMO) doing close to none or only 30% of the operational safety measures that almost all other operators/competitors employ as a matter of course.
And just like something like 80% of all pensioners in the UK have BP stock in their retirement PFs, a very high percentage of N. Am. investors own ENB -- I guess those (IMO) questionable operations save them so much money most years, they can afford to pay higher yield and grow it faster than competitors like EPD -- that is until the next major spill, drains a lot of cash from the till to defend themselves, let alone fix whatever happened. I crossed the Kalamazoo River twice on my way to N. Mich. a couple weeks ago and that river still looks more like a river of oil than water and that spill was some years ago, and now empties into Lake Mich. -- thankfully 100s of miles south of where I own land, but I still have many friends there going back to when I lived there in the mid-to-late and they are all pizzed to the point that the movement to force ENB to close Line 5 that runs from the UP to the Lower Pen./ running under the Mackinac Bridge, 50 years old and no major maintenance or upgrading -- a spill there would ruin almost every great lake but Superior.
OK.... /rant.... I'm done... everyone is of course entitled to disagree with me despite me having over 3 decades in oil and gas patch and in agreement with others who have even longer and more intimate dealings with ENB (and BP -- for whom I continued to subcontract for many years despite considering my disdain for them and poisoning people's minds to pipelines... ).
I promise this is my last post about either company mentioned. I will never change anyone's mind and it is naive and head-banging-wall frustrating.
Also note: I used a lot of "IMOs" in this post. I have actually had some contact with ENB warning me about slander and libel. But as long as it is an "opinion" they have no legal recourse to shut me up. |
